在2025-2026年监管转变期间,非贸易收入的经纪公司的情况较好,而依赖交易的经纪人则因交易量减少而收入下降。 Broking firms with non-trading income fared better during 2025-2026 regulatory shifts, while transaction-dependent brokers saw revenue drops due to lower trading volumes.

据Crisil称,在2025-2026年监管变化中,为收入来源多样化的公司牵线搭桥,从非贸易活动中赚取三分之二的收入,显示出更大的稳定性。 Broking firms with diversified revenue streams, generating two-thirds of income from non-trading activities, showed greater stability amid regulatory changes in 2025-2026, according to Crisil. 建议提高衍生品证券交易税(STT)和SEBI对每周到期产品的限制导致2026财政年度前半期平均日营业额下降25%,年同比收入下降6%。 A proposed rise in securities transaction tax (STT) on derivatives and SEBI’s restrictions on weekly expiry products caused a 25% drop in average daily turnover and a 6% year-on-year revenue decline in the first half of fiscal 2026. 依赖交易费的传统经纪人的收入下降了15%,而专营交易商,特别是高频率交易商和套利交易商,由于市场机会减少,面临25%的下降。 Traditional brokers relying on transaction fees saw a 15% revenue drop, while proprietary traders, especially high-frequency and arbitrageurs, faced up to a 25% decline due to reduced market opportunities. 虽然差值交易收入有助于缓冲亏损,但总收入仍然低于上一年的水平。 Though margin trading income helped cushion losses, total revenues remained below prior-year levels. Crisil强调,长期抗御能力需要超越基于交易的模式,因为拟议的STT涨价可能进一步减少流动性和贸易量。 Crisil stresses that long-term resilience requires shifting beyond transaction-based models, as proposed STT hikes could further reduce liquidity and trading volumes.